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Brokerage
Posted: January 27, 2014
Von Der Ahe, Edelstein, Koicim, Glasser, Lloyd and Schwartz of Marcus & Millichap broker $5.475 million sale 25-unit apartment property
According to J.D. Parker, first VP - regional manager of Marcus & Millichap Real Estate Investment Services, 853 Saint Nicholas Ave., a 25-unit apartment property has been sold for $5.475 million.
Peter Von Der Ahe, Scott Edelstein, Joseph Koicim, Seth Glasser, David Lloyd and Jonathan Schwartz, investment specialists in Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a LLC, was also secured and represented by Von Der Ahe, Edelstein, Glasser and Schwartz.
853 Saint Nicholas Ave. is located in the Harlem section between 152nd and 153rd Sts. The selling price equates to $219,000 per unit. This 25-unit building is composed of two and three-bedroom units. The average rent for these units were 46% and 25% below market, respectively.
"We were able to procure an all cash buyer who was able to generate cash flow from the free market units. The buyer was also able to see the long term potential in the remaining rent stabilized units," said Glasser.
"Our aggressive marketing process allowed us to generate an offer just below our asking price," said Schwartz.
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